In a word, NO. Although this doesn’t tell the whole story.

The bitcoin software itself cannot be hacked as it is a totally decentralised protocol with no private keys or admin backdoor.

The software runs itself on the computer of each miner or node operator (e.g. like BitTorrent)

Bitcoin Exchanges can and have been hacked but these are software and business running on top of the Bitcoin Software Protocol.

However, Bitcoin could be compromised with a software update e.g. a fork to increase block times.

A new Bitcoin fork that Bitcoin miners and nodes are convinced to download an implement could contain bugs or backdoors potentially compromising all of the stored value that has currently been built up.

In such a scenario Bitcoin pandemonium could ensue with wild price volatility being the result.

In theory, the community could be quick to resort back to the previous stable software version and the calm and Bitcoin value could be restored.

Do you agree ? Tell us what you think …

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